Morning Report (Trive Yatırım Menkul Değerler )

ALL LOCAL EYES THIS WEEK ON THE S&P CREDIT RATING DECISION
" The BIST100 closed Friday on a gain of 2.05%, to close the 4-day short week at 9916 and accompanied on a turnover of TRY 115.2bn, while setting a new historic peak of 9956.
" The gains were spurred by both encouraging statements from Treasury and Finance Minister, Mr. Mehmet Simsek, hinting that the CDS rates will fall to the 200 levels in the near future, as well as JP Morgan stating that it will include Türkiye's 10yr bonds in its index, another sign that things are looking up for Türkiye.
" Accordingly, the Banks were the most bought stocks, rising by 3.38%, followed by the Mining stocks, while the Energy stocks lagged their peers with a mere gain of 0.63%.
" TAVHL, thanks to its superior financial results, was the most bought BIST30 stock, followed by ENKAI and EKGYO, whereas AKSEN and ARCLK were the only stocks to close in the red, followed by the slight increase in TOASO.
" For the week, the BIST100 registered a gain of 2.29%, and the BIST30 stocks rose by 1.94%, despite the Banks facing profit-takings and falling by 0.73%, thanks to the 5.55% rise in the Transportation stocks, while the Industrials rose by 1.65% for the week, and the Conglomerates by 2.55%.
" The TRY strengthened against the USD by 0.19% but weakened against the Euro by 0.28%. On the Bonds' side, the 2yr yields closed 1.63% lower to 44.70%, and the 10yr rates fell by 0.99% to 28.12%.
" On the Commodity front, Brent ended the week 1.73% higher, on the hopes that the Fed will start rate cuts sooner rather than later to curtail a slowdown in the economy, with the worries of stagflation casting black clouds over the markets, akin to the current Istanbul weather today, however, GOLD prices dropped by 2.28%.
" As of print, the TRY is trading stronger against the USD at 32.45, but weaker against the Euro at 34.80, while the DXY has fallen slightly to 105.54.
" On the Commodity side, has also dropped to $87.43, and GOLD is trading lower this morning at $2334, as the US Secretary of State, Anthony Blinken is visiting the Middle East, on hopes of lessening the tension in the area.
" Treasury and Finance Minister Mehmet Şimşek has refuted reports that the Value Added Tax (VAT) rate on food will be increased, instead stating that they were taking steps to prevent abuse," Şimşek wrote on X, quoting a news report on his ministry's preparation on a regulation regarding services in restaurants and cafes. However, the 8% VAT rate in restaurants and cafes have been increased to 10%, and 18% VAT rate, applicable to alcoholic beverages, has been increased to 20%.
" President Erdogan has postponed his May 9th trip to the US due to a schedule change.
" On Friday, Bill Gross told investors to avoid tech stocks and stick to value stocks, and questioned the rationale for owning bonds, after the yields spiked on Thursday after the GDP report. However, he stated that Microsoft is the only buy if investors must dabble in the tech sector.
AGENDA
" This week, the macro agenda is fairly light, kicking-off with the Economic Confidence level, and followed by the Inflation, Trade Balance-Foreign Tourist Arrival, and PMI, as well as the S&P Sovereign Credit Rating decision, currently at "B" and the outlook last time around was upgraded to "Positive."
" On the International front, the most compelling macro news will be the FOMC meeting from the US, as well as the ADP, PMI-Factory Orders-Durable Goods Orders-and the NFP. The Eurozone will be disclosing the Consumer Confidence Index-Inflation-Growth Rate, and the PMI.
" Please note that the markets will be closed on Wednesday, May 1st.
FINANCIAL RESULTS
" ARCLK: Disclosed a 1Q24 net profit of 395.11mn, vs TRY 1.29bn y/y. Total Revenues were at TRY 72.2bn vs TRY 39.9bn y/y. EBITDA registered at TRY 5.51bn vs TRY 5.04bn y/y.
" GARAN: Disclosed a 1Q24 net profit of TRY 22.3bn, vs TRY 15.7bn in 1Q23. Net F&C were at TRY 18.73bn vs TRY 6.09bn y/y, and the NII rose by 20% to TRY 19.66bn.
CORPORATE NEWS
" HTTBT: Disclosed that the Nigeria-based Ibom Air commenced utilizing Hitit's systems as of April 26, 2024. The Airline will use the Company's passenger services, operational, and accounting systems for 5 years.
" AKSEN: Disclosed that a non-binding Memorandum of Understanding was signed between Aksa Enerji Üretim A.Ş. and the Shymkent Governorship of the Republic of Kazakhstan to establish natural gas combined cycle power plant with an installed capacity of 500MW in Shymkent, Kazakhstan. The company also announced that its share buy-back program had ended.
" CIMSA: Will distribute gross TRY 1.05 cash dividends today.

 
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                        Yasal Uyarı
 
  Burada yer alan yatırım bilgi, yorum ve tavsiyeler yatırım danışmanlığı kapsamında değildir.Yatırım danışmanlığı hizmeti ; aracı kurumlar, portföy yönetim şirketleri, mevduat kabul etmeyen bankalar ile müşteri arasında imzalanacak yatırım danışmanlığı sözleşmesi çerçevesinde sunulmaktadır.Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanların kişisel görüşlerine dayanmaktadır.Bu görüşler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabılır.Bu nedenle, sadece burada yer alan bilgilere dayanılarak yatırım kararı verilmesi beklentilerinize uygun sonuçlar doğurmayabilir.